Hawali discloure to income tax

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2011 sir i purchased a property of 72 lakhs..but i have only 1/3 part of the property..so sir can i give hawala to income tax while filling my incometax return..but my share is less than 30 lakhs..please solve my query..i m very thankful to you.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 August 2011 If you want to say that a property has been purchased for Rs 72 Lacs.

Your share in the property is 1/3 rd only.

You can show only 1/3 rd Part at Rs 24.00 lacs as a co-owner in the property. Also show the registration expenses if there be any.

In the AIR report you need not to Report as the property purchased by you is of only 24.00lacs.

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